April 2013

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Cautionary Statement Regarding Forward-Looking Information

Much of the information contained in this presentation is forward-looking information based upon management’s current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other things, information concerning earnings per share, rate case activity, earnings per share growth, cash flow, dividend growth and dividend payout ratios, share repurchases, construction costs and capital expenditures, investment opportunities, rate base, and future electric sales. Readers are cautioned not to place undue reliance on this forward-looking information. Forward-looking information is not a guarantee of future performance and actual results may differ materially from those set forth in the forward-looking information.

In addition to the assumptions and other factors referred to in connection with the forward-looking information, factors that could cause Wisconsin Energy's actual results to differ materially from those contemplated in any forward-looking information or otherwise affect our future results of operations and financial condition include, among others, the following: general economic conditions, including business and competitive conditions in the company’s service territories; timing, resolution and impact of future rate cases and other regulatory decisions; availability of the company’s generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; varying weather conditions; restructuring in the regulated energy industry; cyber-security threats; construction risks; equity and bond market fluctuations; the impact of recent and future federal, state and local legislative and regulatory changes; current and future litigation and regulatory investigations; changes in accounting standards; and other factors described under the heading “Factors Affecting Results, Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations and under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” contained in Wisconsin Energy's Form 10-K for the year ended December 31, 2012 and in subsequent reports filed with the Securities and Exchange Commission.

Wisconsin Energy expressly disclaims any obligation to publicly update or revise any forward-looking information.

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Largest electric and gas company in Wisconsin 1.1 million electric

customers

1.1 million natural gas customers

OverviewRetail Electric and Gas Utilities

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Investment ThesisAn “Earn and Return” Company with a Low Risk Profile

Positive free cash flow

Targeted EPS growth of 4%-6%

Best in class dividend growth - moving to a 60% dividend payout ratio in 2014 and targeting 65%-70% in 2017

Implies 7%-10% dividend growth each year

$300 million share buyback program authorized through 2013

$151.8 million completed through 2012

Proven management team that has delivered strong financial results and operational excellence

Constructive regulatory climate

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Wisconsin Energy is the only company in theS&P Electric Index

S&P Utilities Index

Philadelphia Utility Index

Dow Jones Utilities Average

that has grown earnings per share and dividends per share every year since 2003

A Track Record of PerformanceConsistent Earnings and Dividend Growth

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A Track Record of PerformanceIndustry Leading Total Shareholder Returns

OneYear

ThreeYear

FiveYear

TenYear

Wisconsin Energy 8.9% 63.0% 76.2% 285.2%S&P Utilities Index 1.3% 28.2% 1.9% 169.7%

S&P Electric Index -0.5% 24.6% -4.5% 167.8%

Philadelphia Utility Index -0.6% 25.3% 0.3% 166.6%

Dow Jones Utilities Average 1.4% 29.1% 4.8% 209.7%

Annualized returns for periods ending 12/31/2012

Source: Bloomberg; assumes all dividends are reinvested and returns are compounded daily

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A Track Record of PerformanceLeading Reliability and Customer Satisfaction

Named the most reliable utility in the Midwest

Eighth time in the past 11 years

During 2012, achieved highest customer satisfaction ratings in past decade … likely best ever

More than 350,000 proactive customer interactions annually

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A Track Record of PerformancePower the Future Investments – Natural Gas

Capacity 1,090 MW

Investment $664 million

ROE 12.7%

Equity 53%

In Service DatesUnit 1 – July 2005Unit 2 – May 2008

Cost Per Unit of Capacity $609/kW

Meeting the Region’s Energy Needs

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Capacity 1,030 MW1

Investment $2 billion1

ROE 12.7%

Equity 55%

In Service Dates

Unit 1 – February 2010, Unit 2 – January 2011

Cost Per Unit Approximatelyof Capacity $1,950/kW1 All capacity and investment amounts reflect WEC ownership only.Demonstrated capacity for the coal units is 1,057 MW – value shown in table is amount guaranteed in lease agreement.

Meeting the Region’s Energy Needs

A Track Record of PerformancePower the Future Investments – Coal

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A Track Record of PerformanceDramatic Change in Environmental Performance

From 2000 to 2013...

Power plant capacity up 50%

Emissions of

nitrogen oxide

sulfur dioxide down 80%

mercury

particulate matter

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A Track Record of PerformanceState of the Art Emission Controls

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Where We Go From HereDelivering the Future

From 2013 through 2017, our plan is to invest $3.2 to $3.5 billion in needed infrastructure projects that will:

Renew and modernize our grid

Meet new environmental standards

Add clean, renewable energy to our fleet

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Between now and 2017, we plan to: Rebuild 2,000 miles of

electric distribution lines that are more than 50 years old

Replace: 18,500 power poles

20,000 transformers

Hundreds of substation components

Where We Go From HereDelivering the Future – Electric Overview

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Between now and 2017, we also plan to: Replace:

1,250 miles of fiberglass, plastic and steel gas mains

83,000 individual gas distribution lines

233,000 meter sets

Where We Go From HereDelivering the Future – Gas Overview

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Where We Go From HereWestern Wisconsin Gas Expansion

Additional natural gas capacity needed to address reliability and to meet growth in customer demand

Demand driven in part by propane conversion and frac sand mining

Plan to seek approval from the Wisconsin Commission in 2013

Expected initial investment: $150-$170 million

Sand Plants – Wisconsin

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In 2012 announced plans to convert Valley from coal to natural gas

Targeting completion of the conversion for late 2015 or early 2016 Follows completion of a

$26 million gas pipeline upgrade with expected completion in 2014

Where We Go From HereValley Power Plant

Conversion cost estimated at $65 to $70 million Included in our 2013–2017 capital budget

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Where We Go From HereRenewable Energy Investments

Biomass Plant 50MW Projected investment of $245-$255 million Approved by Wisconsin commission and

Domtar Inc. Targeting completion by the end of 2013

Montfort Wind Energy Center 30MW Purchased from a subsidiary of NextEra

Energy, Inc. Purchase price of $27 million Approved by Wisconsin Commission and

completed in December 2012

We’ve also completed several renewable energy transactions. We expect to be in compliance with the Wisconsin renewable portfolio standard through 2020

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Where We Go From HereGrowth at American Transmission Company

Key Assumptions ATC rate base at year end 2013 is

projected to be about $2.8 billion ATC projects a need for $3.9-$4.8

billion of transmission improvements in its footprint from 2012 to 2021

Implies average $43 million effective annual rate base growth for WEC from 2013 to 2015

Excludes potential transmission projects outside ATC’s traditional footprint

Projected Capital Expenditures(Millions of Dollars)

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Where We Go From HereMultiple Opportunities Being Evaluated

Additional capital for fuel blending at the Oak Creek Expansion units

Divestiture of energy assets by the State of Wisconsin

New transmission projects outside of Wisconsin and Michigan through our 26.2 percent ownership of American Transmission Company

Investment required to meet future EPA rules

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Where We Go From HereBest in Class Financial Flexibility

We project more than $500 million of free cash flow after capital spending and dividends over the five-year period 2013-2017

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Where We Go From HereIndustry Leading Dividend Growth

The directors raised the quarterly dividend in January to 34 cents a share –equivalent to an annual rate of $1.36 a share

13.3 percent increase over the 2012 amount

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Where We Go From HereIndustry Leading Dividend Growth

We’re targeting a 60 percent payout ratio in 2014 Supports a double digit increase next year

The directors also approved a target payout ratio of 65-70 percent in 2017 Supports 7-8 percent increases from 2015-2017

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Where We Go From HereFinancial Flexibility for Share Repurchases

Board has authorized management to purchase up to $300 million of Wisconsin Energy common stock through end of 2013

Buyback program was 50% complete at the end of 2012

Repurchased 4.65 million shares at an average price of $32.63 a share

Invested $151.8 million

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Key Takeaways on Wisconsin EnergyAn “Earn and Return” Company with a Low Risk Profile

Power the Future program now complete Highly visible earnings and strong cash flow Have received final regulatory approvals and rate

treatment is in place

Well managed utility franchises with rate base growth

Investment in American Transmission Company provides an additional regulated growth opportunity

Positioned to deliver among the best risk-adjusted returns in the industry Positive free cash flow Best in class dividend growth story